ITAT Delhi Dismisses Revenue’s Appeal Due to Low Tax Effect

ACIT (OSD) Vs GB Springs Private Limited (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi dismissed the Revenue’s appeal against GB Springs Private Limited concerning additions made under Sections 68 and 41(1) of the Income-tax Act, 1961, for the assessment year 2017-18. The Revenue had challenged the deletion of an addition of ₹63,96,525 under Section 68, relating to unexplained cash deposits during demonetization, and ₹2,64,490 under Section 41(1), concerning the cessation of liabilities. The Revenue argued that the assessee failed to substantiate the source of cash withdraw...